The Diamond Podcast for Financial Advisors

Industry Update: Why Working from Home May Be One of Wealth Management’s Biggest Game Changers

From $30mm to $55B: The Strategic Vision Behind Creative Planning’s Extraordinary Growth

Industry Update on M&A: Meet the Investors—Why It’s Important for All Advisors to Know Who They Are

From Ex-Morgan Stanley Advisor to One of the Biggest Breakaway Stories of 2019

Industry Update: Understanding the Real Value of a Financial Advisor’s Business

How the Investment Playing Field Has Been Leveled for Even the Most Sophisticated Advisors and Their Clients

Industry Update: Why Rockefeller, First Republic and Other Boutique Firms Are Attracting So Many Top Advisors

Growing Up with Merrill Lynch: A Next-Gen Breakaway Story

Industry Update: A Deep Dive into the Wirehouses and Regional Firms

Inside Baseball on Building and Growing an Independent Firm

A conversation with Shirl Penney of Dynasty Financial Partners, Jim Dickson of Sanctuary Wealth and Rich Steinmeier of LPL Financial. In November of 2017, this show was launched with the intention of doing a handful of episodes to answer the most frequently asked questions about independence. Less than 3 years and 80 episodes later, we’ve surpassed 100,000 downloads—a milestone that a true testament to the ever-growing interest in the independent space and the evolution of the wealth management world at large. To mark this milestone, three “ex-wirehouse-turned-independent-industry-leaders” pay a second visit for a very special panel-style episode, delivered in both audio and video format. Shirl Penney, President and CEO of Dynasty Financial Partners, Jim Dickson, CEO and Founder of Sanctuary Wealth, and Rich Steinmeier, Managing Director and Divisional President of LPL Financial, join Mindy to share their individual perspectives on a landscape that seems to be evolving at an even faster pace in recent years. That comes as no surprise because, as these guests share, the interest in models that provide greater freedom and flexibility has never been greater. As such, firms like Dynasty, Sanctuary and LPL are constantly in the labs, identifying gaps and creating options to answer this call. And their models of supported independence are thriving as a result, becoming popular down-the-middle destinations for top advisors. In this episode, each shares their perspectives on the evolving landscape, including: - What’s driving the growth of independence—and how changes at the wirehouses have served as powerful motivators. Why the supported independence model is such a popular option amongst breakaways—and how the notion of being “independent but not alone” has driven each firm’s growth. - The similarities and differences between the Dynasty, Sanctuary and LPL models—and how each solve for things like access to capital, platform, compliance and technology. - How the volatility of 2020 has impacted their firms and advisors—and why they see an even greater interest in independence amongst advisors as a result. - What each of these leaders sees as “the next big thing”—and how their unique visions are driving change at their firms. The notion of being “independent but not alone” has served as a powerful force behind the growth of the supported independence model. Freedom and flexibility combined with community and turnkey infrastructures have created an easier path from “there to here”—a way for advisors to achieve their entrepreneurial dreams without having to deal with the heavy-lift and unknowns associated with migrating from the employee role to independent business ownership. It’s a unique opportunity to hear from each of these three extraordinary leaders in a single forum—candid accounts from those blazing new trails of opportunity for advisors at all levels.

How These 3 Firms Carved a New Path and are Changing the Wealth Management World At Large

The ever-expanding landscape represents a waterfall of possibilities for every advisor—learn the differences between each model. The wealth management industry has been on an evolutionary streak, where new models seem to be born almost daily. In fact, the top questions we are asked by advisors are all about the landscape—what it looks like, what’s changed and how each of the models compare. Up until 2 years ago, we put together an annual whitepaper called “The Landscape of the Industry.” It represented an enormous effort on our part, increasing in size and depth year after year. And yet things changed so fast that within a day of publishing, it was already considered outdated. Taking lessons learned in building the whitepaper, we found that the best way to describe it is as a “continuum of options” with categories of firms and models where a financial advisor could choose to practice. So in this episode, we’ve decided to take a different approach to exploring this continuum, comparing and contrasting each model in terms of these key characteristics: Freedom and Flexibility Restrictions Net-Payout As an added bonus for listeners, we’ve developed an infographic – The Industry Landscape At-a-Glance – that outlines the continuum described in this episode. You can download it on this episode's web page: The ever-expanding landscape represents a waterfall of possibilities for every advisor. And having a clear understanding of the environment you’re building your business in is critical—regardless of whether you have a desire to move or not. So listen in to broaden the knowledge that drives your decision-making process. For additional resources related to this show, visit: https://www.diamond-consultants.com/industry-update-the-wealth-management-landscape-today

Industry Update: What the Wealth Management Landscape Looks Like Today

A conversation with Jeff Concepcion, Founder and CEO of Stratos Wealth Partners, with special guest host Louis Diamond. The evolution of the wealth management industry has spawned changes throughout the entire landscape, creating new pathways for growth for advisors and business owners alike. And even in the M&A market we’re seeing a shift, as younger firm owners are looking beyond the monetization event a sale offers, and instead seeking an “advisory partner” that will play a greater role in the growth lifecycle of the firm. Our guest in part one of this series, Karl Heckenberg of Emigrant Partners, talked about this phenomenon from the acquirer’s side of the table. That is, the “new wave” of attraction between acquirers and firms with a proven growth trajectory and strong value proposition—and illustrated by Emigrant’s recent investments in firms like Stratos Wealth Partners. For Jeff Concepcion, the founder and CEO of Stratos, it was this concept of a “partnership” with Emigrant that was the real draw for his firm—so much so that on April 1st, even in the midst an extremely volatile market and worldwide pandemic, Emigrant and Stratos forged their union. And as Jeff shares in this episode, Stratos checks off all the boxes that this new breed of investors is looking for—particularly in the area of growth. Because just 12 years ago the independent firm was started from scratch – literally with zero assets under management – and is now managing over $14B. How did they do it? Jeff discusses that and much more, including: - How they developed Stratos’ unique blend of organic and inorganic growth—and what core values serve as their guide. - How Stratos became the #1 recruiting firm under the LPL umbrella in 9 of the last 10 years—and what they do differently that’s attracted some of the top advisors and teams in the industry. - What the motivation was for taking on a capital partner at this stage—and how they worked through changes in valuation as a result of the COVID crisis. - What the process of preparing for an acquisition entails—and what independent firm owners and employee advisors alike should be aware of when considering this path. Plus, Jeff answers the $14B question: How do you grow a firm from zero to $14B in just over a decade? It’s a candid conversation that digs into the details of how to build an enterprise brick-by-brick—and defines why “hard work alone” is often not enough to get you to the next level. About Jeff Concepcion: Jeffrey Concepcion is the Founder and CEO of Stratos Wealth Partners and host of The Evolving Advisor podcast. Jeff started Stratos in October of 2008 with the intention of creating an organization to fulfill a need for sophisticated advisors and their clients. He constructed a firm with the infrastructure, resources and support necessary to allow advisors to focus on their core competency, advising their clients. Today, Stratos specializes in the practice and performance of financial planning and implementation services. The firm has a national network of distinguished, experienced financial planning practitioners spread throughout the country. Jeff is responsible for the acquisition, development and coaching of the firm’s expanding number of affiliated advisors from across the nation. His entire professional career has been spent in the financial services industry. Prior to starting Stratos Wealth Partners, Jeff spent 22 years in senior management positions with Lincoln Financial Network, including being the Executive Director for the Eastern Region. He was responsible for fully one-third of the United States. He was then appointed Senior Vice President of Market Access and a member of the Executive Committee; where he was on one of only a handful of executives responsible for Lincoln’s entire retail financial services business. Jeff believes in the community where he lives and works....